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The sight of Elliott waves in Bitcoin (BTCUSD) suggests that the rally from the December 4, 2021 low is unfolding as a 5 wave pulse. Up from the Dec 4 low, Wave 1 ended at 49,777.62 and the Wave 2 pullback ended at 45,478.74. Upper Wave 3 is currently underway with the subdivision as another impetus to a lesser degree. Up from wave 2, wave (i) ended at 48,307.34 and the pullback of wave (ii) ended at 45,572.94. The cryptocurrency then expands higher in wave (iii) towards 51864.56 and plunges into wave (iv) which ended at 49458.85. The upper wave of the last stage (v) ended at 52098.60, which completed wave ((i)).
The withdrawal of wave ((ii)) is currently underway to correct the cycle from the low of December 17, 2021. The internal subdivision of wave ((ii)) is unfolding as a zigzag structure. In the short term, expect wave (a) to end soon, then the cryptocurrency should rally to wave (b) before falling into wave (c) again. As long as the pivot at 45507.04 remains intact, expect troughs ((ii)) to find support in 3, 7 or 11 swing for further upside. The higher potential target is 100% to 161.8% Fibonacci extension from the December 4 low, which is between 55616 and 57985.
Elliott Bitcoin 90 Minute Wave Chart
Elliott BTCUSD Wave Video
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